The bank pronounces itself on Catalonia and speaks of “financial exclusion” if there is independence

The Spanish Association of Banking (AEB) -which includes almost 90 entities- and the Spanish Confederation of Savings Banks (CECA) –more than 40- have warned in an “institutional declaration” of the risks that the independence of Catalonia would entail the stability of the Catalan banking sector and have warned in an unusual statement that, if this happens, a “financial exclusion” could occur.

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These difficulties would force the entities to reconsider their implementation strategy

The employers, one of them (CECA), chaired by the head of Caixabank, the Catalan Isidre Fainé, stated in their statement that “the exclusion of Catalonia from the euro zone, as a result of the unilateral rupture of the current constitutional framework, would entail that all banking entities with presence in Catalonia would face serious problems of legal insecurity. ”

“These difficulties would force the entities to reconsider their implementation strategy, with the consequent risk of a reduction in the banking offer and, with that, financial exclusion and increased cost of credit, ” the statement added.

The AEB and the CECA have decided to “pronounce” nine days before the Catalan elections – proposed by the President of the Generalitat as a plebiscite for independence – on “the risks to financial stability that would imply any political decision that violates the current law and entail the exclusion of a part of Spain from the European Union and the euro “.

The declaration was made public 24 hours after the European Commission reiterated that if Catalonia became independent it would cease to be part of the EU and would be considered a third country outside the community club.

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It will lead to the exclusion of a part of Spain from the European Union and the euro

The employers of the financial sector consider that “at all times the constitutional order and belonging to the euro zone of the whole of Spain must be preserved”.

“Otherwise, the objective of the entities would be put at serious risk, which is to protect their depositors and maintain the flow of financing to families, to SMEs and to the productive and job-generating sectors of the country”, underline the entities banks, which make a “call” to political leaders to ” through dialogue promote reforms that allow progress to continue in achieving higher levels of welfare and social cohesion for all.”

The pronouncement of the Spanish banks and savings banks has coincided with an “institutional declaration” of the Círculo de Empresarios.

In this declaration, entitled “United for Diversity”, the Circle of Entrepreneurs is convinced that if the sovereignty claim prospers, “the Spanish economy and especially the Catalan one would suffer very serious damages”.

In addition, he adds, when Catalonia is located outside of Spain “it would cease to belong, immediately, to the EU, the euro, the United Nations and the National Organization of Trade .”

According to the text, approved unanimously by the board of directors, this would lead to the relocation of companies, the fall in investment, GDP, per capita income, the level of employment and, ultimately, social welfare.

Already last Wednesday, the Circle of Economy rejected that the elections of the 27-S are plebiscite on the independence of Catalonia and considered that this question, in any case, should settle in a ” legal consultation, agreed and well informed “, to the margin of “unilateral decisions” that jeopardize legality and EU membership.

Financial assets, what are they?

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Financial assets are titles or accounting entries that give the buyer the right to receive future income from the seller. They can be issued by economic entities (companies, autonomous communities, governments …) and do not usually have a physical value, as it does with real assets (such as a car or a house). Furthermore, unlike real assets, they do not increase the general wealth of a country and are not counted in GDP, although they encourage the mobilization of real economic resources, and thus contribute to the growth of the economy. Thanks to these assets, the buyer obtains profitability with the money he invests, while the seller is financed. The financial assets are, in summary, rights acquired by the buyer on the real assets of the issuer, and the cash they generate.

Main characteristics of financial assets

Regarding the characteristics that best define financial assets, three should be pointed out.

  • Liquidity It is the ability to transform the asset into money without suffering losses. Money is the most liquid asset, while later there are different types of deposits and products such as bonds, public funds or obligations.
  • Risk It is determined by both the guarantees offered by the seller and its solvency. The greater the likelihood of the seller fulfilling his commitment, the lower the profitability of the asset.
  • Profitability As a consideration for accepting the risk of the transfer of your money, the buyer gets an interest. The higher, the better the return on the asset.

Classification of financial assets

The main classification among financial assets distinguishes between those that are fixed income and those of variable income.

  • Fixed income . Fixed income assets are those issued by public administrations or companies. The former are characterized by their lower risk, due to the great financial support of the entities that issue them. These are committed to return the capital invested after a period of time previously established and a certain profitability. As examples, we could cite treasury bills or corporate promissory notes.
  • Equities In this type of assets neither the return nor the recovery of the invested capital are guaranteed, and the investment may even be lost. Its profitability depends on different factors such as the balance sheet of the entity that sells the asset, or the economic situation of the market where it operates. The main example of this type of assets are the shares.

Know all our funds and choose the one that best suits your needs: more information

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According to its expiration term

Depending on their maturity term, financial assets can be divided between short and long-term assets.

  • Monetary assets and short term . Your contract is amortized over a short period of time (usually less than a year) and usually offer low returns.
  • Assets in the medium and long term . These are assets with a duration of more than twelve months and which present more risks due to the possibility of value fluctuation when extending their term.

What is the financial IQ and how to increase it

The economy is present in each and every one of the facets of our life: in the supermarket, in the home, in the school of our children, when we take out an insurance … For this reason, it is fundamental to have a broad financial knowledge base and solid possible. Who has not repented on any occasion of having made a wrong financial decision? A loan with a very high interest rate maybe? A mortgage with a floor clause? So that this does not happen again, we teach you how to increase your financial IQ.

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What is the financial IQ and how can you increase it?

  1. Learn to differentiate what is an asset from what is a liability . Robert Kiyosaki, in his book “Rich father poor father” pointed out that an asset is everything that makes money in your pocket, and a liability that makes it come out. With assets we are richer, while liabilities make us poorer. All your economic decisions should be based on accumulating assets and eliminating liabilities.
  2. Study the operation of compound interest , the most powerful force in the universe according to Albert Einstein. This can work both in your favor -every time you make an investment and get a return for it-, as well as against you -when you borrow and pay interest for it-. Understanding its operation is essential to make good economic decisions.
  3. Think in intertemporal terms . You do not value everything in the short term, as most people do. Your economic decisions should also consider the medium and long term. You reason about what your future expectations are and make financial decisions based on it. Keep in mind that sooner or later the day of your retirement will arrive and you will need to have money saved.
  4. Sign up for courses to learn finance . There are finance classes for beginners, young entrepreneurs or people who want to achieve financial freedom, for example. These courses can be very interesting because they will allow you to broaden your understanding beyond what you already know.
  5. Read books on economics . There are many in the market, we recommend some at another time. You can start with “Rich father poor father” or “Have a worse car than your neighbor”. They will not disappoint you, we assure you.
  6. Find a mentor with financial knowledge . If you surround yourself with people with financial knowledge and, in particular, you are looking for someone to be your mentor, your financial IQ will increase exponentially in a very short time. No one better than a family member or a friend to get started in the world of finance.
  7. Plan and control your personal finances . You have to be able to convert your personal finances into a company and take each and every one of your decisions as if you were an entrepreneur. For this you have to plan and control every euro that enters your house so that it does not become a lost euro.

5 questions you have to ask your financial advisor to know if you can trust him

Most people who invest in the stock market do so by putting themselves in the hands of a financial advisor. This expert guides them and tells them which are the best investment products according to the risk they wish to assume and the profitability they want to obtain. The problem is that it is difficult to find a good financial advisor , since a large part of them are “married” to a specific financial entity. To find out if you can trust or not your advisor, we suggest you do the following five questions.

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Can I trust my financial advisor?

  1. What is the total of expenses that I am going to assume?

It is the most important question of all. The investment is not free and involves a series of expenses that must be known in advance. In addition to being very clear about the price of the advisory service – and if this is by consultation, by hour or by delivering results – you also have to know the total expenses of the products in which it is invested, as well as the costs of the internal transactions of the funds, of the currency exchange or of the forks that are applied in the sale purchase.

Keep in mind that in the financial advice the total free does not exist, so if a financial adviser offers you 0% of expenses you are lying. Only large fortunes will get commissions below 0.5%. For the normal investor, a margin of between 1.5% and 2.5% in expenses is normal. Less expenses would be very good and more expenses is not justifiable.

  1. How will you diversify my investment?

If the financial adviser proposes to invest all the money in a single company, in a single country or in a single sector, he may be speculating. You should run away. A good advisor will propose to create a globally diversified portfolio that includes many companies from different sectors and different countries, as well as fixed income, both corporate and public.

  1. Could you show me an example of a plan you made?

It is important to know the work and specialization of the financial advisor in which we are going to deposit our trust and what better way to do it than studying some of their current jobs. A good advisor should show us, in addition to extensive information in the form of text, also tables and charts with the returns of different funds and products depending on the risk that we assume to assume.

  1. What will be the fiscal impact of my investment?

It is as important to know the profitability of the investment as the taxation linked to it. The adviser should update us on this aspect and explain to us with hairs and signs the invoice that we will have to pay to the Treasury for the benefits we obtain by investing our money. You can not imagine the surprises that many people who invest in pension plans take when the time comes to recover the money …

  1. What information will I have access to?

Before the investment was a bit taboo and difficult to understand. Thanks to the internet, the opposite is true today. It is no longer necessary to visit our advisor every so often to update us on our investment, but rather to have the right online tools to check at home how our money grows.

However, that does not mean that the consultant should be there to resolve any doubts that may arise. Therefore, it is important to be clear about how often we will receive updates about our investment. There are advisors that send monthly information, other quarterly and some annual. Many advisers also send general investment information to their clients so that they learn, for example, about the functioning of the financial markets.

The German Parliament approves the extension of the European Financial Stability Fund

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The Bundestag , the German parliament, has approved on Thursday with a clear majority the enlargement of the European Financial Stabilization Fund (EFSF), with 523 votes in favor , 85 votes against and 3 abstentions

There were 523 votes in favor, 85 against and 3 abstentions

The results also indicate that the parties of the coalition headed by the federal chancellor, Angela Merkel, managed to provide their own majority in the vote with 315 favorable votes, four more than the minimum to avoid what could have led to a serious government crisis.

The vote had become a covert motion of confidence for Merkel and her government, which would have been compromised if a majority of its own deputies had not supported the approval of the EFSF expansion.

Of the 620 deputies of the Bundestag, a total of 611 attended the vote, in which Merkel and her government needed a minimum of 311 favorable votes from their own ranks to save face and end the calls for an electoral advance from the opposition if the government was not backed by its deputies.

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An intense debate

The vote was preceded by a passionate debate in which the majority of the representatives of the parties of the government coalition – Christian Democrats (CDU), Bavarian Christian Socialists (CSU) and Liberals (FDP) – and the Social Democratic opposition (SPD) and Green defended the vote in favor.

Only the formation of La Izquierda and a small group of rebels of the Union (CDU / CSU) and the Liberals publicly rejected the expansion of the EFSF with the argument that it is a burden for future generations and the danger of no end the financial burden for the taxpayer.

Ministers of Finance and Economics, Christian Democrat Wolfgang Schäuble and liberal Philipp Rösler, respectively, personally intervened before the plenary to try to reduce the number of reticent in their own ranks .

Volker Kauder, leader of the parliamentary group of Chancellor Angela Merkel , made a final appeal on Thursday for the expansion of the EFSF. In addition, in statements that the Bild newspaper published last Wednesday, he insisted on the importance of the EFSF: “with the rescue fund we can put a brake on the expansion of the crisis , in case a country can not pay your debts totally or partially, “said Kauder

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The effects of the EFSF in Germany and Europe

In the case of Germany, the extension of the guarantee regime implies an increase in its contribution from the initial 123,000 million euros to 211,000 million, equivalent to practically two thirds of national budgets .

On July 21, the Heads of State and Government of the 17 countries of the Eurogroup agreed to give greater flexibility to the EFSF, in order to guarantee the financial stability of the eurozone and generate confidence in the markets .

In July, 17 Eurogroup countries agreed to give greater flexibility to the EFSF

This reform will allow the EFSF to lend money to countries with financial problems to prevent further deterioration of their situation, to finance the recapitalization of banks and, in exceptional cases, to buy sovereign bonds of countries in difficulties in secondary markets.

The temporary rescue fund will be replaced in 2013 by another permanent financial institution, the European Stability Mechanism (ESM, ESM), whose effective credit capacity will amount to 500,000 million euros.

With the favorable vote last Wednesday by the parliament of Finland there are already ten countries of the seventeen that form the Eurogroup in ratifying the agreement, after Spain, Belgium, France, Greece, Ireland, Italy, Luxembourg, Portugal and Slovenia.

Turkey is heading for a serious financial crisis

The Turkish censorship machine has started. Citizens who are critical of the economic crisis in their own country have to expect serious consequences since Monday at the latest. It has identified nearly 350 user accounts in social networks, in which the decay of the national currency Lira would be “commented in a provocative manner,” said the Interior Ministry. The progress of the currency and economic crisis can hardly influence the government of President Recep Tayyip Erdoğan. She continues to try to control public opinion.

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The loss of control since the significant crash of the lira on last Friday is no longer deniable. Turkey is heading for a serious financial crisis. The decline in the national currency continued on Monday at a rapid pace. The lira fell at times by twelve percent, insurance against a default by Turkey, an important crisis indicator, were as expensive as since 2009 not more. The Turkish stock market also fell to levels that existed nine years ago. “So that the lira can sustainably stabilize, President Erdoğan would have to rethink radically,” writes Ulrich Leuchtmann, currency expert at Commerzbank, in an analysis sent on Monday. “But it does not look like that afterwards.” Those responsible would not know how to end the crisis – that’s why it accelerates even more.

What also showed on Monday: The lira crisis will not remain a Turkish crisis. Consequences for foreign banks, for other emerging economies and economies of the Eurozone were clearly felt on Monday. With the lira declining, currencies and assets in other emerging markets came under pressure, while the dollar gained in value. The Russian ruble fell more than six percent last week, and the South African rand reached its lowest level since June 2016. The currencies of Mexico, Indonesia and India were also down significantly. Rising interest rates in the US and the prospect of medium-term monetary tightening in the eurozone had already weakened emerging market currencies: when capital flows out of these countries, it has a negative impact on their exchange rates. The Turkey crisis has accelerated this effect.

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The decline of the lira also hits the European markets. Especially bank shares lost in value, including the papers of Commerzbank and Deutscher Bank. However, the two major German banks are less affected by the lira crisis than the banks in Spain, France and Italy, which have invested more heavily in Turkey. The highest risk is borne by the second largest Spanish bank BBVA. They own 49% of the Garanti Group, the second largest Turkish bank.

However, a crisis in Turkey alone would probably not upset either Europe’s banks in general, or BBVA in particular. Most banks have their risk largely hedged, write the analysts of the US financial services provider Citigroup. Even if BBVA were to write off its entire Turkey deal, resulting in billions in losses, the bank’s existence would not be jeopardized. The situation also seems to be under control across Europe: if the Turkish economy were to collapse completely, the so-called “Common Equity Tier 1 ratio” of European banks would fall from 14.2% to 12.7% next year, according to the estimate. That would still be enough. “The danger of a conflagration I consider limited,” says Carsten Brzeski, chief economist of ING Diba. “While other emerging market currencies will be affected, the Turkish economy is not important enough internationally to trigger a major crisis.”

Since the beginning of the year, the lira has lost almost 50 percent in value

The Turkish central bank responded on Monday with emergency measures to support the domestic financial sector. From now on, the currency guardians pump more money into the market. That is, banks can lend large sums to the central bank: both Turkish lira and foreign currencies such as dollars and euros. The central bank pledged to provide ten billion lira, six billion dollars and gold. All steps would be taken to ensure financial stability.

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Since the beginning of the year, the lira has lost almost 50 percent in value, while the economy is highly indebted abroad: a fatal combination. For companies and households, the repayment of loans is significantly more expensive due to the weakness of their own currency. Turkish banks also need foreign currency to service short-term foreign loans. In recent days, many Turks have exchanged their savings in dollars or euros, which accelerated the loss of value of the lira.

Rumors that euro and dollar accounts could be converted by Turkish citizens into lira were countered by the government. The fear of this move has been strong ever since President Erdoğan called on his compatriots to convert their dollar holdings into lira. Only a few have followed this appeal. The international financial markets now expect the Turkish central bank to raise interest rates. This is necessary from a monetary policy perspective, as inflation in the country is extremely high; it is currently 16 percent. Erdoğan is so far, however, against interest rate hikes. Its increasing influence on the central bank is also an important reason for investors’ mistrust. However, if the central bank does not demonstrate soon enough that it can continue to act independently, the loss of confidence should accelerate further.

Switzerland can put the financial system in check and it will not be with cryptocurrencies

In less than a month, he decides in a referendum if he forbids commercial banks to create money

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Understand that the money that we deposit in the bank does not work like the bank of the house and that the bankers do not have our savings kept in a box waiting for us to come back for them. It is one of the most complicated financial concepts to understand for those who begin to become familiar with the bowels of the financial world

Discover that although the central banks are in charge of minting coins and bills, our bank can use our deposit of 1 00 physical euros to give credits for a value of up to 10 times injecting all that money into the economy scares more than one.

One of the most complicated referendums in Swiss history

These and similar financial concepts should dominate the Swiss before June 10, although for the time being polls say that 78% of Swiss citizens are not aware of how money is created. Despite this, in less than a month they will have to face one of the most complicated referendums, at least technically, of their democratic history . They have to decide if they support the introduction of what is called sovereign money.

That is, while in the East and the West the financial world seems to only have eyes for the cryptocurrencies and their revolution, the Swiss can cause a more powerful earthquake if they prohibit commercial banks the ability to multiply the money as they have done so far and leave that power exclusively to the Swiss central bank.Now the National Bank of Switzerland (BNS) represents only about 10% of the country’s monetary supply , while the other 90% is in the hands of commercial banks such as UBS or Credit Suisse, among others .

Scattered coinsWith this decision they would convert the Swiss monetary policy regulator into the only body with the capacity to create physical and electronic money and the decision of how and when new money is introduced into the economy would be left to the Swiss Government. In case the proposal goes ahead, the Swiss country would end what is known as fractional banking.

The origin of this query dates back to 2011, when the Modernizing Money Association (MoMo) was founded to make people aware of the aberration that banks can create unlimited money.

Although it has the support of organizations in the United Kingdom , they chose Switzerland as a battlefield. There it is easier to change the constitution , provided that more than 100,000 signatures can be collected in less than 18 months. They started in 2014 to promote what is known as the Vollgeld Initiative and in December 2015 they delivered 111,000 signatures to the Swiss Government to request consultation.

Vollgeld Initiative

The Vollgeld Initiative seeks to limit the activity of commercial banks in the world of loans to avoid crises like the one that occurred in 2008 and funding bubbles . They want to prevent huge amounts of fictitious money from roaming the world economy. Or at least, for the Swiss.

Thus, governments would never again have to rescue financial institutions . “The sovereign money in a bank account is completely safe because it is backed by the issuance of that same amount by the Central Bank,” they explain in their documentation.

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In search of some finances at the service of the real economy

In this way, they continue, “the financial industry will once again serve society and the real economy. Money and banking systems will no longer be involved in complexity, but will be transparent and understandable. ”

The decision that the Swiss must make on June 10 is not only complicated because many citizens must get up to speed on what exactly they should decide, it is also because it can significantly cut the credit in the country and because, if approved , could create a precedent dangers the rest of the world’s economies.

Fear of global contagion

As voting day approaches, the country’s financial institutions are reinforcing their opposition to the measure. The Federal Council, the parliaments and the Swiss National Bank (SNB) have opposed, as is also against the Association of Swiss Bankers . Tomas Jordan, president of the SNB, has told the Swiss press that “this initiative creates unrealistic expectations and that its application would have serious consequences for Switzerland”,

Among other things, it would reduce the volume of credit in the country and make it considerably more expensive. But the main focus of uncertainty what impact it would have on the rest of countries.

49% are against, but there is 16% undecided

Advocates assure that the change should not be noticed among classic customers and savers, and that at the technical level it would be similar to the process that already concentrated in the central banks the exclusivity of the creation of physical money.

For now, surveys give an advantage to those who defend the current system of fractional reserve, with 49% of respondents who opt for the ‘no’, 35% for the ‘yes’ and 16% who do not they are clear or do not have an opinion about it.

“The legal financial world is the new target of criminals”

Misha Glenny is the author of the book McMafia where he uncovers the dark world of criminal organizations.

Misha Glenny does not tremble when interviewing gangsters. Nor does his voice tremble when he states that it is necessary to legalize the drug and close the tax havens to suffocate the criminal organizations that, according to him, are taking advantage of the current lack of credit to make loans, launder their capital and enter the financial market. legitimate. This journalist who for twenty years toured Eastern Europe and the Balkans as a correspondent for the BBC maintains contact with several criminals since he published, last year, McMafia, a book that describes the machinations of criminal organizations on five continents. Unlike his counterpart, Roberto Saviano (author of Gomorrah), Glenny did not hide his identity to approach the criminals. His interviewees knew that he was going to publish a book and, surprisingly, almost everyone was willing to talk.

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How do you interview a gangster? 
(laughs) You have to be very polite and, above all, never lie to him.
No comparison with the war in Yugoslavia. That was scary.

How does a BBC correspondent end up submerged in the dark world of criminal organizations? 
In 2003 criminal groups murdered the Serbian prime minister. During the war in Yugoslavia, the Mafia was everywhere and we all knew it, but the fact that the Prime Minister was assassinated in the face of the passivity of the whole world changed things. The criminals had crossed the border of the illegitimate world. Then I discovered that the underground economy, which comes from criminal capitals, represents 15% of world GDP. It was when I decided to write a book.

How has the economic crisis affected the criminals? 
That is a good question. I have met with police in Europe and three people from the ‘underground economy’ and they all say the same thing. On the one hand, the recession makes many people have less money with what some amenities and services offered by criminal groups such as prostitution, drugs, leisure, decline. In the case of addictive drugs, it is different because the drug addict will do everything possible to collect the money.

So, the criminals are in crisis!
Quite the opposite. When there is a credit crunch , people and banks have less money but criminal organizations always have cash. What we are seeing lately is an increase in loans from criminal organizations. We call it ‘loan sharking’. It’s the classic gangster activity: lending money at a high interest and if you do not return it, they come looking for you with a baseball bat, laughs

Then, as good usurers, they get rich at the cost of the crisis … 
And what’s worse, your black money is entering the legitimate financial market. According to the UN Office on Drugs and Crime in Vienna, some organized crime groups are beginning to lend money to financial entities or, as in the case of Madoff and Standford, they were criminal activities in the financial world.

So they were something like gangsters? 
There is suspicion and evidence that part of the money that went through Madoff and the Stanford bank was criminal money that came from Russia, Colombia, Ecuador and Venezuela. The underground economy used these institutions in the financial world to launder its capital. This is the first negative symptom that the crisis brings: the legal financial world is the new target of criminals.

What about the second negative point? 
The rise of cybercrime and theft of identities since Lehmann Brothers went bankrupt and started the crisis. When the British bank Northern Rock succumbed, the government decided to nationalize it. Before it happened, thousands of customers took their money. During the process, a criminal organization managed to collect all the identities of the clients by entering the computers. The organization sent letters to these people offering them a secure deposit account. Then they took all the money from the people.

It seems simple … 
The worst part is that they had access to computers. There is also a boom in counterfeiting, from deuvedés, to clothing, makeup, batteries, etc. The gangsters themselves have confessed to me on one occasion that Europe is sinking due to the massive entry of counterfeit products. The legitimate merchants can not compete with this illegal market.

And it is true? 
It is a big problem for Europe and the United States because a large part of our economy depends on the industry of creativity, design, advertising, etc.

Is there any country that benefits from this market?
China, above all. But also North Korea, the Philippines, Thailand. Basically, all of East Asia. Although also Venezuela, Colombia, Ecuador.

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Are we living the golden age of criminal organizations? 
The golden age was really the nineties although the economic recession will ensure that this period of fullness lasts much longer than we thought.

Is there something that can be done? 
Clear. First of all, we must know that the success of criminal organizations is due to the banking system. The crisis has shown that our banking system was an orgy of speculation. The deregulation entities of the international financial institutions are, in reality, an immense criminal conspiracy conducted by governments in a seemingly legitimate manner.

Do you propose a change of economic model? 
Yes, and the first thing to do is end the tax havens where the corporations avoid taxes and where the criminals whiten their black money. Merkel and Sarkozy have begun to move against Liechtenstein and Monaco, but the great defender of closing these paradises is President Obama.

And then? 
It would be necessary to introduce global regulation of the banks to make it difficult for the loans of the criminal organizations.

What about the world of drugs? 
It also urgently needs a change in the struggle we are carrying out today. Currently the war on drugs is led from Washington and it is clear that it does not work. Spain is currently the first country to import cocaine.

Because you have an extensive coastline.

I thought that was something positive. 
If you like to swim laughs

Are you in favor of legalizing drugs? 
Absolutely. We are giving billions of dollars each year to very bad people. It’s the change in the way to face the traffickers I was talking about earlier. Right now, the war on drugs is focused on curbing access but we all know that it is very easy to get drugs in any city in the world. The legalization would destroy half of the criminal organizations.

So, what holds governments back? 
The policy of the United States. Politicians do not position themselves against fear of losing their jobs.

What about the trafficking of women? 
With the recession, it has improved a lot because men do not have so much money to spend on prostitution. Of all the crimes that exist around the world, the trafficking of women is the least important to governments.

Because trafficked women do not vote. It has cost us a lot to gather all the members of European states to sign a resolution that helps fight the trafficking of women. We have only got 22 signatures.

What does the resolution say? 
That if the police arrest a trafficked woman, the country should treat her as a victim and not as an illegal immigrant. Currently they are deported to their countries and, therefore, the woman returns with those who kidnapped her. It is a very bad policy.

How to be in a successful financial relationship?

A successful relationship requires a lot of effort. Some things are under our control, others are not. Your finances are one thing you can control. Follow these tips to give your loved one more time and less time to stress financially.

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1. Set a date to discuss expenses

The time spent with your partner must be a pleasant time. But discussing money is not romantic. However, this is a necessary step. Set a specific date to discuss your finances, the goal being to stifle any financial problem in its infancy. The biggest financial problems can often be avoided with a little foresight.

2. Give up emotions

Whatever the time to discuss your fiances, do not change the subject and leave all your emotions out of the discussion. In these discussions, couples often become passive-aggressive, but in a very subtle way. This does not advance your discussion about the money and, moreover, it will surely affect your relationship. During your monetary appointment, stay objective and forget emotions.

3. Share the responsibility

Even if one partner is better at managing money than the other, decisions must be made together. This is especially true for long-term projects. So, if something goes contrary to the plan, no one will blame anyone.

Financial applications for smartphone and its benefits

Technology advances by leaps and bounds and every day we can do more things with these devices. From using it as a GPS to get somewhere, to turn on and off the remote home air conditioner. One of the applications that these devices have and that is what I am going to talk about in this article, is to control your finances in a much simpler way than what was done before.

You no longer need a ton of papers, a calculator and a lot of patience to keep track of your personal finances. Not even finding the best personal loan is now a problem. The current reality is that, among the thousands of applications that you can download on your mobile, some of the most successful are those that can help you control your expenses.

The Fintech has brought us great things so I encourage you to examine each of these applications and use the one that can help you the most.

Let’s start …

Expense Manager

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Google Play is rated 4.3 out of 5 among more than 45,000 votes and has been downloaded by millions of people.

This makes it one of the most outstanding applications for personal finance.

And what is this application responsible for to have these ratings by users?

Well simply keep track of your expenses, budget, make alerts or manage different accounts in different currency units.

It is a powerful platform, where users can automate, manage and control their expenses and supplier payment processes.

Each module is fully integrated, all managed by a unified company policy and workflow.

And with the same user interface, users should only learn once.

The Expense Manager is a great application for managing your expenses and income, some of the things you can do are the following:

• Monitoring and revenue expenses by week, month and year, as well as by categories
• Multiple accounts in multiple currencies
• Schedule recurring payments and payments
• Payment alerts
• Budget by day, week, month and year
• Search and reports
• Import and export of account activities in CSV for desktop software
• The user receives an automatic backup in Dropbox, Google Drive and SD card backup
• Customize expense categories, payer / payer, payment methods, date format, white or black background, etc.
• Account Transfer

If you want to try it you just have to go into your Google Play and download it.


This application is a Spanish company that has earned the right to be among the most representative in the sector.

Surely, even if you have not used it, it sounds like you hear it on your television commercial.

It is a free application that allows you to connect all the accounts of the banks and boxes that you have, and have all your finances controlled instantly.

Fintonic has obtained a lot of prestige in a few years, getting such important awards as the Gold Medal at the 2012 Lovie Awards, in the ” Best Practice ” category.

As I said, it is a tool of Spanish creation. If you want to know a little more you can install it for free from here , and enjoy it.

It started being used only for Apple devices, but is now available for Android.

It is one of the applications that most experts recommend and the only thing you have to do to enjoy it is to sign up with your email and join your Fintonic account to your bank.

From there, Fintonic is going to take charge of controlling your monthly spending and, according to its slogan, can help you save up to 5,000 euros a year, making small expenses without having to do without your whims.

In addition, the application is completely in Spanish so you will not miss anything by not understanding a word.


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First of all, I have to say that, like Fintonic, Whallet this application has also been developed and designed in Spain .

It is another free application with which you can write down and analyze all your expenses.

With this app you can photograph invoices and tickets to save them.

It is a very simple application with good design, and although at the moment it has a lot of room for improvement, surely they will do it.

Take control of your expenses and discover in what you spend your money and thus make decisions adjusted to reality, you will see how your money grows every day.

See from a clearer perspective how you used the money during the month or the year.


Most users already know Paypal because, together with Western Union or Moneybookers , it is the most important online bank or purse in the world.

If you have the application installed on your mobile device, you can, among other functions, buy in your favorite stores through the phone in a very fast and simple way.

It is guaranteed to be one of the most secure and recognized brands on the internet, and that is why many people prefer to pay by PayPal than to do it directly through their bank card.

In addition, you can send money to PayPal users in more than 202 countries around the world.

To send money with this App you only need to know the email of the person who receives the money.

Do not forget that the use of this mobile application is free.

Toshl Finance

This application is another of the free for Android, and without a doubt, is one of the most recommended to control your personal finances.

In fact, in 2013, she was awarded the The Europe 2013 prize for the best financial application.

Therefore, I am talking about a quality application.

Toshl Finance allows you to fully control your personal expenses, as well as assign budgets or schedule payments.

Thanks to this tool you will never forget to make a payment or never go over budget.

In addition, it allows you to export your documents to different formats such as PDF, Excel, CSV and Google Docs.

The Tosl web application is optimized to work on tablets which will help you a lot if you like to use this type of terminal.

Monitor all your accounts and credit cards in one place and at a glance.

SpendeeWith this app you can organize your expenses according to different items and compare them with expenses made in other periods.

Spendee is one of the applications preferred by users and one of the most downloaded in the Apple App Store.

Yes, it has a cost of 1.79 euros and is in English.

The Spendee 2.0 App brings you many incredible features. Managing your personal finances has never been so easy.

Now you can connect your Spendee account with your online banking.

Your transactions are downloaded and categorized automatically.

  • Connection to bank accounts: Simply connect your online banking with Spendee for automatic synchronization and categorization of all your data.
  • Shared manual compartments: Share wallets with your family and friends and never lose sight of your expenses.
  • Excellent description: Get a great understanding of your finances with unique summaries and well-designed and easy-to-read graphics.


Maybe it’s the most used personal finance application , since it gives you a complete and real-time view of all your finances, from bank accounts, credit cards to loans.

Automatically track your expenses, classify them and notify you when you are approaching your budget limit.

You can even request personalized savings tips within the application.

Everything is shown in simple and intuitive graphics and tables, which makes it one of the most popular personal finance applications in the world.

Keeping up with the bills without effort, benefits of the Mint App:

  • Finally, your accounts and money are together in one place and it is easier than ever to manage them. Just add your bills to see how useful we can be.
  • See bills and money in one place.
  • Receive alerts and schedule payments on the spot.
  • Say goodbye to late fees.
  • Stop signing in to multiple sites.
  • Deliver payments fast.

My Money Coach

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This app comes out among the previous for being a financial coach , is responsible not only to carry out control of your finances but also helps you make certain financial decisions.

Launched by ING Direct its design is very simple and has many options.

This App is a digital advisor that helps you distribute your money in the best way so that you reach your goals beforehand and meet your goals.

Not only does it help you organize your money, My Money Coach also helps you have a clear idea of ​​where your income is.

It is a real-time financial coach , it will ask you questions and then help you distribute your money and know different savings products that fit your profile.

His score among more than 3,000 votes on Google Play is 4.5 out of 5, he is a personal assistant in the management and income account totally reliable.

Another great idea of ​​ING Direc is the Twyp Cash App, the app with which you can get money from thousands of stores, gas stations and many other places.